BEIJING: China Renaissance Banking Group announced that its founder and chairman Bao Fan is currently “cooperating” with an investigation by the Chinese authorities after he disappeared in Hong Kong in mid-February.
The disappearance of Bao Fan – a key figure in the Chinese tech industry who played a key role in founding several local internet startups – sent the group’s share price down.
The Hong Kong-listed group said in a statement on Sunday that it had “become aware that Bao is currently cooperating with an investigation being conducted by certain authorities” in mainland China.
“The company will duly cooperate and assist in any legal request from the relevant PRC authorities if requested to do so,” it added.
The group did not provide further details about the nature of the investigation.
The banking group had announced on February 17 that it was “not able to contact (its chairman) Bao Fan,” without any explanation.
Bao’s disappearance has raised fears of a renewed crackdown on China’s financial sector as President Xi Jinping continues to wage a war on corruption.
China Renaissance has evolved into a global financial institution with more than 700 employees and offices in Beijing, Shanghai, Hong Kong, Singapore and New York.
The group oversaw a number of IPOs for giant digital companies, including JD.com, which specializes in e-commerce. It is behind a merger in 2015 between the car rental company Didi and its then-rival Kouaidi Dashi.
(AFP)
